October 24, 2024 - No business, regardless of its size, is immune to cyberattacks. According to Statista, the global cost of cybercrime is projected to reach $15.63 trillion by 2029, making robust cybersecurity defenses a necessity rather than an option.

Proven strategies to help companies mitigate their risk have been outlined, ranging from fixing software bugs to educating teams on cybersecurity. By strategically deploying cybersecurity tools, such as multi-factor authentication, threat intelligence, and breach detection, businesses can transform from vulnerable entities into fortified digital strongholds. Exploring these strategies in depth provides business leaders with the knowledge and tools necessary to defend against the ever-evolving threats in the digital landscape.

The state of cyberattacks and their ramifications

Ignoring the growing threat of cyberattacks is no longer an option. Key reasons for organizations to prioritize heightened cybersecurity controls include:

Increasing frequency and severity of attacks

According to the ITRC Annual Data Breach Report, 2023 saw 2,365 cyberattacks, totaling 343,338,964 victims. These numbers are skyrocketing yearly, and they are not just minor disruptions; they can be devastating. Ransomware attacks alone cost businesses an average of more than $1 billion in 2023 and caused substantial hours of downtime.

Damaged reputations and loss of revenue

A major consequence of a cyberattack can be the loss of customer trust. When a company fails to protect sensitive data, customers lose confidence, leading to significant business losses. IBM Security reports that this loss can amount to $1.52 million and that 80% of consumers in developed nations may switch to competitors after a breach. In fact, nearly 60% of businesses shut down after such incidents. Negative media coverage often follows high-profile cyberattacks, further eroding public trust.

Cyberattacks can also lead to financial losses and impact stock prices. Companies that suffer data breaches may underperform in the stock market for years and face substantial financial impact.

Finally, a cyberattack can result in lost business opportunities. Damaged reputations may cause potential partners or investors to hesitate, stifling growth. Many businesses that close after a data breach do so as a result of trust issues and recovery challenges.

Cyberattack prevention tips

With cyberthreats continuing to grow, it is crucial for businesses to strengthen their defenses. Following best practices can help reduce the risks posed by cybercriminals. However, because cybersecurity needs vary, consulting with professionals for a comprehensive review and tailored advice on policies and procedures is essential.

1. Back up like the business depends on it, because it does

   Companies should implement regular, secure, air-gapped, and thoroughly tested backups. A reliable backup system enables businesses to avoid paying ransoms in the event of a cyberattack. In such cases, they can restore their systems, effectively hitting an "undo" button on the damage. This straightforward measure is a highly effective defense against ransomware and data loss.

2. Complete a SOC audit

   A comprehensive understanding of an organization's landscape is essential to effectively recover from a cyberattack. Regularly conducting a security operations center (SOC) audit can help anticipate potential threats and identify weaknesses in security measures.
   
   A SOC audit includes a thorough review of the entire security infrastructure, supporting policies, and incident response plans. It ensures that procedures are in place to recover from significant business disruptions, enhancing overall resilience.

3. Invest in employee training

   Phishing attacks target employees who have insufficient security awareness and unknowingly click on malicious links or download infected files. Providing regular employee training on how to recognize phishing attempts and following best practices for password security can significantly reduce the risk of a data breach.

4. Use secure connections

   Organizations must use secure, encrypted connections when transmitting sensitive data. This includes utilizing virtual private networks (VPNs) for remote access and ensuring that websites are secured with HTTPS. Implementing multi-factor authentication further enhances security.

5. Implement high-quality endpoint management

   Endpoint management safeguards against cyberattacks by utilizing various tools and techniques to prevent, detect, and respond to threats. Microsoft Defender for Endpoint plays a critical role in proactive threat prevention by using advanced antivirus and anti-malware capabilities to scan files and applications, blocking potential threats before they reach devices. Network-level defenses ensure that only compliant devices can access the corporate network, while device-level protections involve installing software on endpoints to continuously monitor and defend them.
   
   Through centralized management platforms, like Microsoft Intune, security professionals can manage, secure, and deploy corporate resources and applications across all endpoints from a single console. Microsoft Intune also supports advanced threat protection by leveraging artificial intelligence (AI) and machine learning to detect and prevent sophisticated attacks. Integrated within Microsoft Defender, Microsoft Intune unifies endpoint security across the organization, improving visibility and enhancing threat prevention.
   
   These tools collect real-time security data and telemetry, enabling advanced threat detection and analysis. Automated responses, such as quarantining compromised devices, allow for swift mitigation, minimizing damage while the threat is being resolved.

Protecting your company with Citrin Cooperman

A company’s reputation is closely tied to its ability to protect sensitive information from cyberattacks. For Citrin Cooperman’s Digital Services Practice, prioritizing cybersecurity measures for our clients is essential to maintaining client trust, avoiding negative publicity, and minimizing potential reputational damage from a cyberattack.

Do not leave your company's sensitive information vulnerable to cyberattacks. Take proactive steps to fortify your cybersecurity measures—work with Citrin Cooperman to implement robust, multi-layered security solutions tailored to your needs. Contact us to learn how Microsoft Defender and Microsoft Intune can help your organization.